EURONAV NV
|
|||
(Registrant)
|
|||
Dated: August 8, 2024
|
|||
By:
|
/s/ Ludovic Saverys
|
||
Ludovic Saverys
|
|||
Chief Financial Officer
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
•
|
Profit of USD 184.4 million in Q2 2024. H1 2024 total profit of USD 679.6 million
|
•
|
Payment of 4.57 USD/share dividend in Q2 2024
|
•
|
Declaration of 1.15 USD/share intermediary dividend on 2 July, paid in July 2024
|
•
|
Delivery of 7 newbuilding vessels
|
•
|
New order of 1 x CSOV and 2 x CTVs
|
•
|
Collaboration agreement for 4 x newbuilding hydrogen-powered tugboats with Damen
|
•
|
New long-term charters signed adding an approximate total amount of USD 161 million to our contract backlog
|
•
|
Sale of CMA CGM Baikal and Alsace
|
•
|
Successful completion of the sale of Euronav Ship Management
Hellas (ESMH) to Anglo Eastern
|
•
|
Name change from Euronav to CMB.TECH approved on 2 July 2024, effective as of 1 October
|
•
|
Change of ticker symbol from EURN to CMBT, effective as of 15 July 2024
|
•
|
Successful completion of the sale of 3 x VLCCs
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
The most important key figures (unaudited) are:
|
|||||||||||
(in thousands of USD)
|
Second Quarter 2024
|
Second Quarter 2023
|
YTD 2024
|
YTD 2023
|
|||||||
Revenue
|
252,000
|
348,161
|
492,377
|
688,116
|
|||||||
Other operating income
|
30,649
|
10,074
|
38,245
|
14,768
|
|||||||
Raw materials and consumables
|
(435)
|
—
|
(1,678)
|
—
|
|||||||
Voyage expenses and commissions
|
(48,986)
|
(36,730)
|
(85,903)
|
(71,545)
|
|||||||
Vessel operating expenses
|
(50,541)
|
(61,941)
|
(100,013)
|
(118,017)
|
|||||||
Charter hire expenses
|
1
|
(753)
|
(17)
|
(1,531)
|
|||||||
General and administrative expenses
|
(18,581)
|
(10,225)
|
(36,287)
|
(26,749)
|
|||||||
Net gain (loss) on disposal of tangible assets
|
94,985
|
—
|
502,547
|
22,064
|
|||||||
Depreciation
|
(41,639)
|
(55,623)
|
(81,877)
|
(111,907)
|
|||||||
Net finance expenses
|
(30,539)
|
(29,682)
|
(45,980)
|
(60,144)
|
|||||||
Share of profit (loss) of equity accounted investees
|
2,029
|
(3)
|
2,570
|
(9)
|
|||||||
Result before taxation
|
188,943
|
163,278
|
683,984
|
335,046
|
|||||||
Tax benefit (expense)
|
(4,572)
|
(1,458)
|
(4,364)
|
1,820
|
|||||||
Profit (loss) for the period
|
184,371
|
161,820
|
679,620
|
336,866
|
|||||||
Attributable to: Owners of the Company
|
184,371
|
161,820
|
679,620
|
336,866
|
|||||||
Information per share:
|
||||||||||
(in USD per share)
|
Second Quarter 2024
|
Second Quarter 2023
|
YTD 2024
|
YTD 2023
|
||||||
Weighted average number of shares (basic) *
|
194,250,949
|
201,872,049
|
197,886,375
|
201,828,035
|
||||||
Result after taxation
|
0.95
|
0.80
|
3.43
|
1.67
|
||||||
*
|
The number of shares issued on 30 June 2024 is 220,024,713. However, the number of shares excluding the owned shares held by Euronav at 30
June 2024 is 194,216,835.
|
EBITDA reconciliation (unaudited):
|
|||||||||||
(in thousands of USD)
|
Second Quarter 2024
|
Second Quarter 2023
|
YTD 2024
|
YTD 2023
|
|||||||
Profit (loss) for the period
|
184,371
|
161,820
|
679,620
|
336,866
|
|||||||
+ Net interest expenses
|
30,626
|
28,705
|
45,886
|
59,180
|
|||||||
+ Depreciation of tangible and intangible assets
|
41,639
|
55,623
|
81,877
|
111,907
|
|||||||
+ Income tax expense (benefit)
|
4,572
|
1,458
|
4,364
|
(1,820)
|
|||||||
EBITDA (unaudited)
|
261,208
|
247,606
|
811,747
|
506,133
|
|||||||
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
EBITDA per share:
|
|||||||||||
(in USD per share)
|
Second Quarter 2024
|
Second Quarter 2023
|
YTD 2024
|
YTD 2023
|
|||||||
Weighted average number of shares (basic)
|
194,250,949
|
201,872,049
|
197,886,375
|
201,828,035
|
|||||||
EBITDA
|
1.34
|
1.23
|
4.10
|
2.51
|
|||||||
In USD per day
|
Q2 2024
|
Q2 2023
|
First semester 2024
|
First semester 2023
|
TANKERS
|
||||
VLCC
|
||||
Average spot rate (in TI Pool)*
|
50,500
|
55,000
|
45,600
|
53,100
|
Average time charter rate**
|
47,000
|
50,750
|
46,700
|
49,500
|
SUEZMAX
|
||||
Average spot rate***
|
49,500
|
68,000
|
54,600
|
69,700
|
Average time charter rate
|
30,750
|
30,500
|
30,700
|
31,000
|
FSO
|
||||
Average time charter rate
|
88,045
|
87,562
|
||
DRY-BULK VESSELS
|
||||
Average spot rate***
|
36,731
|
31,504
|
||
CONTAINER VESSELS
|
||||
Average time charter rate
|
29,378
|
29,378
|
||
CHEMICAL TANKERS
|
||||
Average spot rate
|
27,307
|
26,426
|
||
Average time charter
|
19,306
|
19,306
|
||
OFF-SHORE WIND (CTV)
|
||||
Average time charter rate
|
2,759
|
2,824
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
Webcast Information
|
|
Event Type:
|
Audio webcast with user-controlled slide presentation
|
Event Date:
|
8 August 2024
|
Event Time:
|
8 a.m. EST / 2 p.m. CET
|
Event Title:
|
“Q2 2024 Earnings Conference Call”
|
Event Site/URL:
|
https://events.teams.microsoft.com/event/86cbff4d-52fe-4bfa-885d-118faea119be@d0b2b045-83aa-4027-8cf2-ea360b91d5e4
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
June 30, 2024
|
December 31, 2023
|
|||||
ASSETS
|
||||||
Non-current assets
|
||||||
Vessels
|
2,035,607
|
1,629,570
|
||||
Assets under construction
|
678,498
|
106,513
|
||||
Right-of-use assets
|
2,204
|
32,937
|
||||
Other tangible assets
|
22,110
|
643
|
||||
Prepayments
|
1,886
|
—
|
||||
Intangible assets
|
16,661
|
14,194
|
||||
Receivables
|
63,998
|
2,887
|
||||
Investments
|
61,238
|
519
|
||||
Deferred tax assets
|
5,604
|
280
|
||||
Total non-current assets
|
2,887,806
|
1,787,543
|
||||
Current assets
|
||||||
Bunker inventory
|
32,787
|
22,511
|
||||
Trade and other receivables
|
280,985
|
307,111
|
||||
Current tax assets
|
3,366
|
869
|
||||
Cash and cash equivalents
|
343,899
|
429,370
|
||||
661,037
|
759,861
|
|||||
Non-current assets held for sale
|
182,806
|
871,876
|
||||
Total current assets
|
843,843
|
1,631,737
|
||||
TOTAL ASSETS
|
3,731,649
|
3,419,280
|
||||
EQUITY and LIABILITIES
|
||||||
Equity
|
||||||
Share capital
|
239,148
|
239,148
|
||||
Share premium
|
631,397
|
1,466,529
|
||||
Translation reserve
|
(74)
|
235
|
||||
Hedging reserve
|
2,408
|
1,140
|
||||
Treasury shares
|
(284,508)
|
(157,595)
|
||||
Retained earnings
|
638,309
|
807,916
|
||||
Equity attributable to owners of the Company
|
1,226,680
|
2,357,373
|
||||
Non-current liabilities
|
||||||
Bank loans
|
1,212,215
|
362,235
|
||||
Other notes
|
198,551
|
198,219
|
||||
Other borrowings
|
476,693
|
71,248
|
||||
Lease liabilities
|
2,183
|
3,363
|
||||
Other payables
|
—
|
146
|
||||
Employee benefits
|
1,157
|
1,669
|
||||
Provisions
|
125
|
274
|
||||
Deferred tax liabilities
|
13
|
—
|
||||
Total non-current liabilities
|
1,890,937
|
637,154
|
||||
Current liabilities
|
||||||
Trade and other payables
|
94,219
|
124,013
|
||||
Current tax liabilities
|
7,110
|
4,768
|
||||
Bank loans
|
405,261
|
166,124
|
||||
Other notes
|
3,733
|
3,733
|
||||
Other borrowings
|
100,480
|
92,298
|
||||
Lease liabilities
|
2,919
|
33,493
|
||||
Provisions
|
310
|
324
|
||||
Total current liabilities
|
614,032
|
424,753
|
||||
TOTAL EQUITY and LIABILITIES
|
3,731,649
|
3,419,280
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
2024
|
2023
|
|||||
Jan. 1 - Jun. 30, 2024
|
Jan. 1 - Jun. 30, 2023
|
|||||
Shipping income
|
||||||
Revenue
|
492,377
|
688,116
|
||||
Gains on disposal of vessels/other tangible assets
|
502,547
|
22,064
|
||||
Other operating income
|
38,245
|
14,768
|
||||
Total shipping income
|
1,033,169
|
724,948
|
||||
Operating expenses
|
||||||
Raw materials and consumables
|
(1,678)
|
—
|
||||
Voyage expenses and commissions
|
(85,903)
|
(71,545)
|
||||
Vessel operating expenses
|
(100,013)
|
(118,017)
|
||||
Charter hire expenses
|
(17)
|
(1,531)
|
||||
Depreciation tangible assets
|
(80,529)
|
(111,109)
|
||||
Depreciation intangible assets
|
(1,348)
|
(798)
|
||||
General and administrative expenses
|
(36,287)
|
(26,749)
|
||||
Total operating expenses
|
(305,775)
|
(329,749)
|
||||
RESULT FROM OPERATING ACTIVITIES
|
727,394
|
395,199
|
||||
Finance income
|
23,416
|
23,505
|
||||
Finance expenses
|
(69,396)
|
(83,649)
|
||||
Net finance expenses
|
(45,980)
|
(60,144)
|
||||
Share of profit (loss) of equity accounted investees (net of income tax)
|
2,570
|
(9)
|
||||
PROFIT (LOSS) BEFORE INCOME TAX
|
683,984
|
335,046
|
||||
Income tax benefit (expense)
|
(4,364)
|
1,820
|
||||
PROFIT (LOSS) FOR THE PERIOD
|
679,620
|
336,866
|
||||
Attributable to:
|
||||||
Owners of the company
|
679,620
|
336,866
|
||||
Basic earnings per share
|
3.43
|
1.67
|
||||
Diluted earnings per share
|
3.43
|
1.67
|
||||
Weighted average number of shares (basic)
|
197,886,375
|
201,828,035
|
||||
Weighted average number of shares (diluted)
|
197,886,375
|
201,878,050
|
||||
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
2024
|
2023
|
|||||
Jan. 1 - Jun. 30, 2024
|
Jan. 1 - Jun. 30, 2023
|
|||||
Profit/(loss) for the period
|
679,620
|
336,866
|
||||
Other comprehensive income (expense), net of tax
|
||||||
Items that will never be reclassified to profit or loss:
|
||||||
Remeasurements of the defined benefit liability (asset)
|
182
|
—
|
||||
Items that are or may be reclassified to profit or loss:
|
||||||
Foreign currency translation differences
|
(309)
|
171
|
||||
Cash flow hedges - effective portion of changes in fair value
|
1,268
|
(1,666)
|
||||
Other comprehensive income (expense), net of tax
|
1,141
|
(1,495)
|
||||
Total comprehensive income (expense) for the period
|
680,761
|
335,371
|
||||
Attributable to:
|
||||||
Owners of the company
|
680,761
|
335,371
|
||||
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Total equity
|
|
Balance at January 1, 2023
|
239,148
|
1,678,336
|
(24)
|
33,053
|
(163,024)
|
385,976
|
2,173,465
|
Profit (loss) for the period
|
—
|
—
|
—
|
—
|
—
|
336,866
|
336,866
|
Total other comprehensive income (expense)
|
—
|
—
|
171
|
(1,666)
|
—
|
—
|
(1,495)
|
Total comprehensive income (expense)
|
—
|
—
|
171
|
(1,666)
|
—
|
336,866
|
335,371
|
Transactions with owners of the company
|
|||||||
Dividends to equity holders
|
—
|
(211,807)
|
—
|
—
|
—
|
(157,684)
|
(369,491)
|
Treasury shares delivered in respect of share-based payment plans
|
—
|
—
|
—
|
—
|
1,501
|
—
|
1,501
|
Equity-settled share-based payment
|
—
|
—
|
—
|
—
|
—
|
(851)
|
(851)
|
Total transactions with owners
|
—
|
(211,807)
|
—
|
—
|
1,501
|
(158,535)
|
(368,841)
|
Balance at June 30, 2023
|
239,148
|
1,466,529
|
147
|
31,387
|
(161,523)
|
564,307
|
2,139,995
|
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Total equity
|
|
Balance at January 1, 2024
|
239,148
|
1,466,529
|
235
|
1,140
|
(157,595)
|
807,916
|
2,357,373
|
Profit (loss) for the period
|
—
|
—
|
—
|
—
|
—
|
679,620
|
679,620
|
Total other comprehensive income (expense)
|
—
|
—
|
(309)
|
1,268
|
—
|
182
|
1,141
|
Total comprehensive income (expense)
|
—
|
—
|
(309)
|
1,268
|
—
|
679,802
|
680,761
|
Transactions with owners of the company
|
|||||||
Business combination
|
—
|
—
|
—
|
—
|
—
|
(796,970)
|
(796,970)
|
Dividends to equity holders
|
—
|
(835,132)
|
—
|
—
|
—
|
(52,439)
|
(887,571)
|
Treasury shares acquired
|
—
|
—
|
—
|
—
|
(126,913)
|
—
|
(126,913)
|
Total transactions with owners
|
—
|
(835,132)
|
—
|
—
|
(126,913)
|
(849,409)
|
(1,811,454)
|
Balance at June 30, 2024
|
239,148
|
631,397
|
(74)
|
2,408
|
(284,508)
|
638,309
|
1,226,680
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
2024
|
2023
|
|||||
Jan. 1 - Jun. 30, 2024
|
Jan. 1 - Jun. 30, 2023
|
|||||
Cash flows from operating activities
|
||||||
Profit (loss) for the period
|
679,620
|
336,866
|
||||
Adjustments for:
|
(392,766)
|
148,027
|
||||
Depreciation of tangible assets
|
80,529
|
111,109
|
||||
Depreciation of intangible assets
|
1,348
|
798
|
||||
Provisions
|
(163)
|
(149)
|
||||
Income tax (benefits)/expenses
|
4,364
|
(1,820)
|
||||
Share of profit of equity-accounted investees, net of tax
|
(2,570)
|
9
|
||||
Net finance expense
|
45,980
|
60,144
|
||||
(Gain)/loss on disposal of assets
|
(502,547)
|
(22,064)
|
||||
(Gain)/loss on disposal of subsidiaries
|
(19,707)
|
—
|
||||
Changes in working capital requirements
|
12,767
|
(33,886)
|
||||
Change in cash guarantees
|
(44,494)
|
(25)
|
||||
Change in inventory
|
757
|
(1,615)
|
||||
Change in receivables from contracts with customers
|
45,353
|
(21,652)
|
||||
Change in accrued income
|
3,770
|
(10,809)
|
||||
Change in deferred charges
|
4,002
|
(7,728)
|
||||
Change in other receivables
|
8,356
|
(1,568)
|
||||
Change in trade payables
|
3,331
|
17,031
|
||||
Change in accrued payroll
|
(865)
|
636
|
||||
Change in accrued expenses
|
(15,216)
|
(6,058)
|
||||
Change in deferred income
|
1,735
|
(511)
|
||||
Change in other payables
|
6,038
|
(736)
|
||||
Change in provisions for employee benefits
|
—
|
(851)
|
||||
Income taxes paid during the period
|
(4,253)
|
(6,268)
|
||||
Interest paid
|
(42,489)
|
(56,001)
|
||||
Interest received
|
13,910
|
12,842
|
||||
Net cash from (used in) operating activities
|
266,789
|
401,580
|
||||
Acquisition of vessels and vessels under construction
|
(444,570)
|
(208,629)
|
||||
Proceeds from the sale of vessels
|
1,511,765
|
40,523
|
||||
Acquisition of other tangible assets
|
(3,077)
|
(511)
|
||||
Acquisition of intangible assets
|
(386)
|
(42)
|
||||
Proceeds from the sale of other (in)tangible assets
|
2,000
|
—
|
||||
Net cash on deconsolidation / sale of subsidiaries
|
822
|
—
|
||||
Investments in other companies
|
(45,000)
|
—
|
||||
Net cash paid in business combinations and joint ventures
|
(1,149,886)
|
—
|
||||
Lease payments received from finance leases
|
782
|
944
|
||||
Advances on proceeds from the sale of vessels
|
—
|
27,500
|
||||
Net cash from (used in) investing activities
|
(127,550)
|
(140,215)
|
||||
(Purchase of) Proceeds from sale of treasury shares
|
(126,913)
|
1,501
|
||||
Proceeds from new borrowings
|
1,365,022
|
746,013
|
||||
Repayment of borrowings
|
(206,701)
|
(402,652)
|
||||
Repayment of lease liabilities
|
(32,291)
|
(11,586)
|
||||
Repayment of commercial paper
|
(213,545)
|
(220,157)
|
||||
Repayment of sale and leaseback
|
(100,980)
|
(41,907)
|
|
PRESS RELEASE
Regulated Information
8 August 2024 – 07.00 am CET
_______________________________________
|
Transaction costs related to issue of loans and borrowings
|
(4,477)
|
(3,919)
|
||||
Dividends paid
|
(903,331)
|
(346,671)
|
||||
Net cash from (used in) financing activities
|
(223,216)
|
(279,378)
|
||||
Net increase (decrease) in cash and cash equivalents
|
(83,977)
|
(18,013)
|
||||
Net cash and cash equivalents at the beginning of the period
|
429,370
|
179,929
|
||||
Effect of changes in exchange rates
|
(1,494)
|
2,616
|
||||
Net cash and cash equivalents at the end of the period
|
343,899
|
164,532
|
||||
of which restricted cash
|
—
|
—
|